SYRACUSE, N.Y.--(BUSINESS WIRE)--
Carrols Restaurant Group, Inc. ("Carrols" or the "Company")
(Nasdaq:TAST) today announced that on August 22, 2014 it signed
definitive agreements to purchase 64 BURGER KING® restaurants from
certain subsidiaries of Heartland Food LLC for a total cash purchase
price of approximately $18.0 million excluding inventory. The
restaurants to be acquired are located in or around the following
markets: Nashville, TN (27 restaurants), Springfield, IL (11
restaurants), Terre Haute, IN (15 restaurants), Evansville, IN (7
restaurants), and other nearby markets (4 restaurants).
Daniel T. Accordino, the Company's Chief Executive Officer said, "The
consummation of this transaction will expand our footprint to a number
of markets contiguous to our existing operations and is consistent with
our stated strategy to enhance shareholder value through our expanding
ownership within the BURGER KING® system. Since our stock offering
earlier this year we have completed the acquisition of 29 BURGER KING®
restaurants, and the expected closing of this transaction will bring our
total 2014 acquisitions to almost 100 restaurants. We also continue to
evaluate additional opportunities."
The transaction is subject to certain closing conditions including
satisfactory completion by the Company of due diligence and other
customary closing conditions. In conjunction with the transaction,
Burger King Corporation has also agreed to make a cash payment to
Heartland at closing based on Carrols' commitment to remodel 46 of the
restaurants. Closing is expected to occur in late September or early
October.
About the Company
Carrols Restaurant Group, Inc. is the largest BURGER KING®
franchisee in the world with 583 restaurants as of August 22, 2014 and
has operated BURGER KING® restaurants since 1976. For more information
on Carrols, please visit the company's website at www.carrols.com.
Forward-Looking Statements
Except for the historical information contained in this news release,
the matters addressed are forward-looking statements. Forward-looking
statements, written, oral or otherwise made, represent Carrols'
expectation or belief concerning future events. Without limiting the
foregoing, these statements are often identified by the words "may",
"might", "believes", "thinks", "anticipates", "plans", "expects",
"intends" or similar expressions. In addition, expressions of our
strategies, intentions or plans are also forward-looking statements.
Such statements reflect management's current views with respect to
future events and are subject to risks and uncertainties, both known and
unknown. You are cautioned not to place undue reliance on these
forward-looking statements as there are important factors that could
cause actual results to differ materially from those in forward-looking
statements, many of which are beyond our control. Investors are referred
to the full discussion of risks and uncertainties as included in
Carrols' filings with the Securities and Exchange Commission.
Investor Relations:
Carrols Restaurant Group, Inc.
800-348-1074
ext. 3333
investorrelations@carrols.com
Source: Carrols Restaurant Group, Inc.
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